Allianz is on track to meet its 2018 profit target after reporting a 21% increase in third-quarter operating profit to €3bn, boosting first nine-month profits to €8.7bn. P&C business recorded a 45% increase in operating profit to €1.5bn, following cat losses in Q3 2017. P&C operating profits for the nine months to September totalled €4.2bn, accounting for near-enough half of…

Munich Re reported third-quarter operating profits of €1.04bn, turning around last year’s €1.73bn loss in the same period, which was heavily impacted by US hurricane claims. After tax, the group’s consolidated profit totalled €483m in the third quarter, from a loss of €1.44bn in Q3 2017. Reinsurance business added €309m to the consolidated result, after taking the brunt of losses…

Consumer class action proceedings introduced in Germany last week are likely to lead to higher litigation costs for companies and increased exposures for large corporates and their directors. They may also see insurers increase the cost of cover for certain risks…

Volkswagen (VW) owners have launched a class action lawsuit in Germany on the same day a new law was introduced in the country, according to a BBC report. Pushed through by the VW diesel emissions scandal, the new law allows consumers to bring collective class action lawsuits against corporates in Germany for the first time. The lawsuit, which seeks a…

European businesses recorded a further increase in the number of overdue invoices in 2018 with 41.8% of payments outstanding, according to trade credit insurer Atradius. The average pushed up from 40.7% in 2017 after all of 14 European countries surveyed except Germany, Ireland and the UK recorded deterioration in B2B receivables…

No dominant post-Brexit hub is emerging for London company firms, as the market delivered a 16% premium jump in 2017 and its statistics begin to reflect changing dynamics bought about by the UK’s EU exit, according to a report by the International Underwriting Association (IUA)…

Shares in German insurance and reinsurance group Talanx fell shortly after the company warned investors that extraordinary “large and frequency losses” in its industrial property business, mainly underwritten by HDI Global, would lead to a loss for the third quarter…

The planned arrival of a leading new global specialty insurer – HDI Global Specialty – through the combination of HDI Global’s specialty business and sister company Hannover Re’s core primary business Inter Hannover, is well on track and “makes a lot of sense”, according to Dr Christian Hinsch, chairman of the board of management at HDI Global…